Property asking prices rise at fastest recorded monthly pace 

The asking price for property coming to market rose by the fastest pace on record in February, property website Rightmove said on Monday (22 February), with buyers facing a cash increase of £7,785. 

The 2.3% rise is the largest increase since the property website started collecting data 20 years ago. Prices are now 9.5% higher than this time last year - the highest annual rate of growth since September 2014.

This new record means average asking prices have risen by nearly £40,000 in the two years since the pandemic started, compared to just over £9,000 over the previous two year period.

Rightmove said high demand for homes and a shortage of available stock were pushing prices upwards. Enquiries made to agents are 16% higher than this time last year while new property listings are up 11% during the same period, suggesting more sellers are coming to market before looking for a property to purchase, to avoid missing out on their next home.

London recorded the biggest annual jump in the number of buyers sending enquiries, as the end of pandemic restrictions and a return to the office fuel renewed demand.

Tim Bannister, director of property data at Rightmove, said “that people are by no means done with their pandemic-driven moves.”

He added: “The rising cost of living is undoubtedly affecting many people’s finances, especially those trying to save up enough for a deposit to get on the ladder or to trade up. 

“Despite rising costs and rising interest rates, the data right now shows demand rising across the whole of Great Britain, with many people determined to move as we head into the spring home-moving season.”

There are also signs of a better-balanced market, Rightmove said, with an 11% in the number of people requesting a home valuation from estate agents in January.